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Market Report

Thursday, 30-July-2015

NSE

  • The 30-share BSE Sensex went up by 141.92 points, or +0.51 per cent, to settle at 27,705.35 on the day of expiry of July futures and options (F&O) series. The broader 50-share Nifty index settled the July series up 46.75 points, or +0.56 per cent, at 8,421.80 today even though most analysts were expecting some volatility ahead of the July F&O expiry due today.

  • Benchmark share indices ended higher, amid expiry of July derivative contracts, after the government today cleared important changes to the government's constitutional amendment Bill on the proposed national goods and services tax (GST). Weakness in IT majors TCS and Infosys coupled with losses by drug maker Sun Pharma capped the upside gains.

  • Globally, Asian markets were mixed, tracking cues from the US Federal Reserve's two-day policy review that concluded on Wednesday. In its policy statement, the US apex bank said that the US jobs market was improving and that the inflation rate in the country was much in line with its target rates, raising hopes that the US central bank is preparing for a September rate hike. Major European markets were quoting in the green, when reports last came in.

  • According to the latest IMD report, good showers in the past few days have bridged the rainfall deficit to three per cent from the benchmark long-period average (LPA) as of July 29 from six per cent up to July 24. Parts of Gujarat, Rajasthan and Madhya Pradesh may witness very heavy rainfall over the next two to three days, the Indian Meteorological Department (IMD) forecast on Wednesday. With heavy downpour expected in parts of central and north-western India, the deficit could be narrowed further in the coming days, added the report.

  • Expect profit booking at higher levels, 8,530-8,540 range holds the key for Nifty, says Sandeep Wagle. The move today was clearly not decisive. It has not sustained at higher levels. I would have liked Nifty to close above 8,450. But that did not happen. Nifty will spend time in 8,350-8,500 band over the next two or three trading sessions. At higher levels, I sense that some profit booking is likely. We are not on a one-way move. Till we close above 8,530-8,540, I do not want to go long in a big way, he adds.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Yahoo!/iCharts/The Economic Times)